RBI estimate of 5% for the year as a whole!

In the Seventh Bi-monthly Monetary Policy Statement, 2019-20 Resolution of the Monetary Policy Committee (MPC) Reserve Bank of India reviewed Domestic Economy & concluded that the second advance estimates of the National Statistics Office released in February 2020 implied real GDP growth of 4.7 per cent for Q4:2019-20 within the annual estimate of 5 per cent for the year as a whole.

This is now at risk from the pandemic’s impact on the economy. High frequency indicators suggest that private final consumption expenditure has been hit hardest, even as gross fixed capital formation has been in contraction since Q2:2019-20.

On the supply side, the outlook for agriculture and allied activities appears to be the only silver lining, with food grains output at 292 million tonnes being 2.4 per cent higher than a year ago. A pick-up in manufacturing and electricity generation pulled industrial production into positive territory in January 2020 after intermittent contraction and/or lacklustre activity over the past five months; however, more data will need to be watched to assess whether the recent uptick will endure in the face of COVID-19.

US register 2019 GDP growth of 2.1%

Recently US announced its’ Gross Domestic Product, Fourth Quarter and Year 2019 Third Estimate; Corporate Profits, Fourth Quarter and Year 2019. Real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the fourth quarter of 2019, according to the third estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP also increased 2.1 percent.

The GDP estimate released is based on more complete source data than were available for the second estimate issued last month.  In the second estimate, the increase in real GDP was also 2.1 percent. In the third estimate, an upward revision to personal consumption expenditures (PCE) was largely offset by downward revisions to federal government spending and non-residential fixed investment.

EU concern on pandemic economic shock

Statement of EU ministers of finance on the Stability and Growth Pact in light of the COVID-19 crisis

The COVID-19 pandemic has led to a major economic shock that is already having a significant negative impact in the European Union. The consequences for our economies will depend both on the duration of the pandemic and on the measures being taken by national authorities and at European level.

The severe economic downturn now expected this year requires a resolute, ambitious and coordinated policy response. We need to act decisively to ensure that the shock remains as short and as limited as possible and does not create permanent damage to our economies and therefore to the sustainability of public finances in the medium term.

G20 focuses International Trade Disruptions!

In their brainstorming at Extraordinary G20 Leaders’ Summit on COVID-19 they also focussed upon, safeguarding the Global Economy. In their issued Statement, the Summit said:

Addressing International Trade Disruptions

Consistent with the needs of our citizens, we will work to ensure the flow of vital medical supplies, critical agricultural products, and other goods and services across borders, and work to resolve disruptions to the global supply chains, to support the health and well-being of all people.

We commit to continue working together to facilitate international trade and coordinate responses in ways that avoid unnecessary interference with international traffic and trade. Emergency measures aimed at protecting health will be targeted, proportionate, transparent, and temporary. We task our Trade Ministers to assess the impact of the pandemic on trade.

Signet Jewelers sales grew 0.6% in FY 2020!

Signet Jewelers Limited announced its results for the 13 weeks 4Q FY 2020 & of 52 weeks FY 2020 ended February 1, 2020.

According to the 4Q FY2020, same store sales grew 2.3% with North America same store sales up 2.9%. GAAP diluted earnings per share of $3.14, including the impact of restructuring charges and resolution of previously disclosed litigation, Non-GAAP diluted EPS of $3.671.

Christie’s is committed to reduce activities

As a global company, Christie’s is committed to doing its part to reduce non-essential business activities as we join together to fight the spread of the coronavirus pandemic. Our thoughts are with all of those directly affected, and our foremost priority is to act in the best interest of our local communities, our clients and our colleagues. 

In light of this, Christie’s has undertaken a global review of key dates relating to our upcoming auction schedule in the Americas and Europe. A first phase of sale date changes has been announced, and further calendar shifts will continue to be confirmed as appropriate.

G20 Safeguarding the Global Economy

Recently Extraordinary G20 Leaders’ Summit held and they carried brainstorming on Covid-19. G20 statement expressed several measures & Statement on COVID-19 said, “The unprecedented COVID-19 pandemic is a powerful reminder of our interconnectedness and vulnerabilities.

The virus respects no borders. Combatting this pandemic calls for a transparent, robust, coordinated large-scale and science-based global response in the spirit of solidarity. We are strongly committed to presenting a united front against this common threat.”

RBI initiates to ease financial stress

Recently Governor RBI issues a Statement - Seventh Bi-monthly Monetary Policy Statement, 2019-20 and initiated to ease of financial stress because of the ongoing scenario.

In view of the COVID-19 pandemic, the Monetary Policy Committee (MPC) decided to advance its meeting scheduled for 31st March, 1st and 3rd April 2020. It met on 24th, 26th and 27th March and undertook a careful evaluation of the current and evolving macroeconomic and financial conditions, and the outlook.

While COVID-19 separates us physically…

Stephane Fischler, WDC President inked & expressed out the ongoing scenario by saying that I write to you from the comfort of my home in Antwerp, which would seem an unremarkable fact were it not the last place I would ordinarily expect myself to be in the middle of a workday during the final week of March.

Under the heading, ‘While COVID-19 separates us physically, it unites the globe in terms of common experience’ he says further, Uncharacteristically, for quite a number of days we have been fortunate to enjoy a beautiful blue sky outside. The bright light streaming in is most welcome during these trying times.

Gem Diamonds to combat Covid19

Gem Diamonds Limited announces that, in line with the Lesotho Government's three week lock down strategy between 29 March and 21 April 2020, to combat the spread of the Covid19 disease, the decision has been taken to temporarily place the Letšeng mine on care and maintenance for this three week period.

For the period of the lock down, only essential maintenance will take place, with security and support staff performing rotation shifts at the mine.  The situation will be reviewed after three weeks. Gem Diamonds will continue to hold its recently announced flexible sales of diamonds during this period.